| Q2 Revenue Growth | 174.7%Year-on-Year |
|---|---|
| Market Cap | ₹477.5 CrSmall Cap |
| H1 Revenue | ₹348.8 CrExceeds FY26 Total |
| RSI | 68.26Neutral Zone |
Key highlights
- Q2 revenue increased 174.7% YoY to ₹204.53 crore, while PAT rose 47% to ₹9.26 crore
- H1 FY27 revenue of ₹348.86 crore has already exceeded the company's total FY26 revenue
- Management raised FY27 revenue target to >2.5x FY26 revenue, up from the ₹500 crore guided in August 2026
- EBITDA margins compressed by 581 bps to 7.00% as the company scales its integrated travel platform
- Onboarded 140+ corporate clients since April 2026, supporting a growing enterprise travel pipeline
Record First-Half Performance Triggers Guidance Upgrade
Mach Travel Solutions Limited delivered a significant scale-up in the second quarter of FY27, with consolidated revenue reaching ₹204.53 crore compared to ₹74.46 crore in the same period last year. This performance brings the total first-half revenue to ₹348.86 crore, which effectively surpasses the company's entire turnover for FY26. In response to this rapid expansion, management has officially revised its FY27 revenue outlook.
Previously, the company had guided for a ₹500 crore top line during its August 18, 2026, earnings call; however, it now expects to exceed 2.5 times the FY26 revenue, reflecting aggressive growth in its corporate and government project verticals.
Strategic Pivot to Integrated Travel Platform
- Transitioned from a MICE-focused model to an integrated technology-enabled travel platform
- Launched a Corporate Self-Booking Tool (SBT) available across web and mobile platforms
- Developed MachTravel.com, a B2C online travel agency platform currently in public beta testing
- Onboarded over 140 corporate clients since April 2026 to drive recurring revenue streams
- Expanded physical presence to 7 operational offices across India, including Noida and Mumbai
- Entered the government and institutional segment for large-scale projects and delegations
Margin Compression and Scaling Challenges
While top-line growth was robust, the company's EBITDA margin contracted to 7.00% in Q2 FY27, down from 12.81% in the corresponding quarter of the previous year. This 581 basis point compression suggests higher operational and employee benefit expenses as the company builds its technology infrastructure. Additionally, the balance sheet as of September 30, 2026, shows a sharp increase in trade receivables to ₹109.88 crore, up from ₹49.03 crore in March 2026.
Short-term borrowings also rose to ₹3.87 crore from ₹1.38 crore, indicating a higher working capital requirement to support the 259% year-on-year revenue growth seen in the first half.
Management Perspective on Diversification
Over the years, we have strategically transformed Mach from a predominantly MICE-focused organization into an integrated, technology-enabled travel solutions company. Our approach has been to build multiple complementary business verticals, strengthen our leadership capabilities and leverage technology to create a scalable business model.
| Date | Announcement | Amount |
|---|---|---|
| 18 Aug 2026 | Management FY27 revenue guidance on Q1 earnings callSource: tijorifinance.com | ₹500.00 Cr |
| 12 Aug 2026 | Q1 FY27 consolidated revenue from operationsSource: tradingview.com | ₹144.33 Cr |
| 07 Nov 2025 | H1 FY26 consolidated revenue from operationsSource: scanx.trade | ₹97.08 Cr |
| 23 May 2025 | FY25 annual net sales from operationsSource: BSE filing | ₹235.75 Cr |
| 12 Nov 2024 | H1 FY25 revenue from operationsSource: stockscans.in | ₹119.00 Cr |
What to watch next
- Completion of public beta testing for MachTravel.com B2C platform in Q3 FY27
- Progress against the revised FY27 revenue target of ~₹575+ crore
- Stabilization of EBITDA margins as the new corporate client base matures
- Earnings conference call scheduled for November 4, 2026, at 3:00 PM IST
“In light of our performance and the opportunities ahead, we have revised our FY27 revenue target upwards to more than 2.5x our FY26 Revenues.”
| Share price | ₹227 |
|---|---|
| Market capitalisation | ₹477.54 Cr |
| Revenue (annual) | ₹230.45 Cr |
| Net profit (annual) | ₹15.66 Cr |
| Revenue (latest quarter) | ₹144.33 Cr+73.38% vs previous quarter |
| Net profit (latest quarter) | ₹6.14 Cr+115.36% vs previous quarter |
| P/E (TTM) | 30.49×Sector 35.22× |
| Promoter holding | 74.83%0.00% QoQ |
| FII holding | 3.03%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Investor Presentation by Mach Travel Solutions Limited for the quarter and half-year ended September 30, 2026. Market figures from a third-party data provider.
